China Merchants Holdings (International) Co (CMHI) has finally gained a foothold outside of China. After protracted negotiations the giant Chinese investor in September formed a 49/51 jv with Vietnam's state run national shipping line, Vinalines, to build Ben Dinh Sao-Mai Deep Seaport located in Ba Ria-Vung Tau Province, South Vietnam. CMHI will stump up $29.4m of the $60m start-up costs for the initiall phase of the site, which was formerly owned by Taiwan's Evergreen Line. When completed a total seven containers berths are planned. The operating lease is 50 years, the longest allowed under local law.
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